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COVID-19 Checklist for Banks: Managing Vulnerable Customers

Fico Collections

Retail consumers, small and medium enterprises, and commercial entities are looking to banks for increasing levels of support and assistance, especially as government-introduced stimulus programs start to mature and expire around the globe, leaving more vulnerable customers wondering where to turn.

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Personal Loans Statistics

Credit Corp

This is despite the fact that many lenders have made it more difficult to qualify for a loan. The top reason Americans were borrowing in January 2021 was to get out of debt. Some 37.17% of people surveyed who reported ever taking out a personal loan said they used the funds for debt consolidation.

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How to Get Out of Debt: 13 Expert-Backed Steps for Success

Credit Corp

For instance, if you’re a compulsive shopper, delete retail apps and turn off push notifications for sales. Doing this will ultimately pay your debt down quicker and save you money in interest,” Phelps said. Another mental roadblock to paying off debt is having to take money out of your bank account and send it off to your lenders.